FT.com Home US The heads of the European Central Bank and eurozone finance ministers have expressed deep scepticism about the US administration's $690bn tax cut plan.
Wim Duisenberg, ECB president, and Nikos Christodoulakis, the Greek minister who chairs the "eurogroup" of eurozone finance ministers, attacked the plan at the meeting of the Group of Seven leading industrialised nations in Paris at the weekend, saying it endangered the world economy.
Mr Christodoulakis said the re-emergence of "twin deficits" - fiscal and balance of payments - "may create sustainability risks, which in case they materialise would have significant ramifications well beyond the US itself". The tax proposal "in terms of size, composition and timing" did not dissipate these concerns.
Monday, February 24, 2003
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